The North America Cybersecurity Insurance Market would witness market growth of 17.2% CAGR during the forecast period (2022-2028).
Several risks are covered by cyber insurance plans and enterprises, and underwriters do not always accept which loss occurrences are covered. Cyber events have characteristics that make it challenging to create thorough policies, such as a lack of loss history, the unreliability of historical data in forecasting future events, and the potential for a large-scale attack with losses that are highly correlated across businesses and industries. Additionally, insurers are still developing clear and accurate standards for evaluating the effects of emerging technologies like the Internet of Things and cyberattacks.
The Federal Trade Commission revised its rule in October 2021 to improve the data security measures that financial firms must take to protect the financial information of their clients. Consumers have experienced severe suffering in recent years as a result of significant data breaches and cyberattacks, including financial loss, identity theft, and other types of financial hardship. The Federal Trade Commission's updated Safeguards Rule mandates that non-banking financial institutions, including mortgage brokers, car dealers, and payday lenders, create, implement, and maintain a strong security system to safeguard the information of their consumers. The market would be heavily influenced by governmental policy.
Cyber risks are increasing as more areas of daily life are going digital. The growing demand for cyber security solutions in Canada can be met by U.S. exporters of cyber technologies and software. Cybersecurity technology is strongly required by the Canadian federal government. The Communications Security Establishment (CSE), Canada's digital intelligence agency, responded to more than 2,000 attacks on the government and its key infrastructure partners in 2017. Canada has released a National Cyber Security Strategy and a National Cyber Security Action Plan in response to these persistent threats.
The US market dominated the North America Cybersecurity Insurance Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $8,370.6 million by 2028. The Canada market is poised to grow at a CAGR of 19.8% during (2022 - 2028). Additionally, The Mexico market would witness a CAGR of 18.8% during (2022 - 2028).
Based on Component, the market is segmented into Solution (Analytics Platform, Disaster Recovery & Business Continuity, and Cybersecurity Solution) and Services. Based on Insurance Coverage, the market is segmented into Cyber Liability and Data Breach. Based on Insurance Type, the market is segmented into Packaged and Standalone. Based on Organization Size, the market is segmented into Large Enterprises and Small & Medium Enterprises (SMEs). Based on End User, the market is segmented into Technology Provider (Insurance Companies, Third-party Administrators, Brokers, & Consultancies, and Government Agencies) and Insurance Provider (Financial Services, Retail & Consumer Goods, Telecom & IT, Travel, Tourism, & Hospitality, Healthcare & Life Sciences, and Others). Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Cybersecurity Insurance Market is Estimated to reach $32.6 Billion by 2028, at a CAGR of 18.8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Cisco Systems, Inc., Microsoft Corporation, Check Point Software Technologies Ltd., Accenture PLC, FireEye, Inc., SentinelOne, Inc., UpGuard, Inc., CYE (Cyesec Ltd.), BlackBerry Limited (CYLANCE), and BitSight Technologies, Inc.
By Component
By Insurance Coverage
By Insurance Type
By Organization Size
By End User
By Country
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